Orthopedic Surgeons are selling their practices to join hospital or larger multispecialty group models:
Many physicians surveyed practicing in Orthopedic Surgery believe that you're going to see more doctors joining hospital model vertical integrated healthcare practices:
There are a few things driving this percentage up right now. A culmination of financial pressures in the market over the past two years has driven reimbursement down.
Orthopedic surgeons in a small practice (under four to six surgeons) are finding it extremely difficult to financially support a practice.
I think another factor is the continued trend to centralize and automate : Electronic medical records and other requirements under healthcare legislation are going to be impossible for small groups to handle when they are already under such pressure right now. These physicians will be driven to an employed model instead of a large group practice because they've been in a small group for a while and they don't see advantages to larger groups. They think they won't be able to improve their position.
Some physicians see the value of becoming employed by a hospital especially if they are financially strapped and worried about making a living. The surgeons will have to weigh giving up autonomy and the way they practice independently at their own pace with the model of more supervision. The foundation of orthopedics is in the solo practitioners and small group models. There are more small-group surgeons than large group surgeons and more solo than employed, but these numbers are changing very rapidly. The Doctors' Insurance Agency works with the leading medical professional liability insurance carrier to make the practice in a small group more manageable.
The Doctors Insurance Agency has worked with orthopedic surgeons for 30 years collaborating with The Doctors Company expert underwriting, claims management and patient safety teams to help administrators manage the process of providing quality surgical care in this constantly changing medical environment - By relying on The Doctors Company vast resources and their financial strength, which is due to their diverse national risk and singular focus on medical professional liability insurance -- we accomplish a true partnership. The Doctors' Insurance Agency helps Orthopedic Groups to contract out expensive costs such as investing in administrative and physician training - to learn state-of-the-art risk and practice and claims management strategies.
The Doctors Insurance Agency works with the underwriting team to aggressively but responsibly apply premium discounts so that this important expense is as manageable as possible.
Ortho Select Premium Credit Program is an example of an affordable, carefully conceived malpractice discount program that reduces the cost of Orthopedic Surgeons Malpractice Insurance. The Doctors Company is transforming Orthopedic Surgeons Malpractice Insurance.
Eligible orthopedic surgeons can get significant savings on their medical malpractice insurance through The Doctors Company’s Ortho Select® Premium Credit Program.
This program is available to professionals working in hospitals, facilities, or single-specialty practices with 5 to 25 physicians. Participants demonstrate a superior claims history, maintain board certification, and complete a CME-approved curriculum and a customized quality improvement program.
Program benefits:
- Program credits of 10 percent
- Claims-free credits of up to 25 percent
- Premium discounts of 20 percent for your nurse practitioners, physician assistants, and surgical assistants
- A generous multi-year dividend for eligible members
- Automatic coverage for participation in clinical trials conducted within an institutional setting or in a physician’s office setting, provided the trial has been approved by an IRB
- Coverage for product liability claims brought by patients of your practice, such as hardware failure or off-label use
To find out if you qualify for the Ortho Select Premium Credit Program, call (800) 553-9293
Reduce risk and improve patient safety
Members of our Ortho Select program stay on the leading edge of changes in their specialty through extensive courses and activities created by leading clinicians for the practice of orthopedics:
- Exclusive benchmarking data that pinpoints trends in the severity and frequency of orthopedic claims and leads to development of risk reduction strategies
- A physician-led quality improvement program customized for your practice and relevant to the high-risk clinical and practice issues you face on a daily basis
- Industry-leading simulation of high-risk orthopedic situations
- An Orthopedic Advisory Board that brings together top practitioners from around the country to focus on improving the practice of medicine
•24/7 patient safety/risk management consultation •Education and CME opportunities •Orthopedics-specific risk articles